Friday, March 15, 2019

GOLD - 15 March 2019


Fundamental Highlights

The yellow metal lost near 1% during Thursday's session due to risk-off sentiment, however, the Brexit challenges, the uncertainty over the US-China trade deal, and the recent reports from North Korea threatening to stop nuclear negotiations this morning switched risked appetite back on. Moving ahead, economic data out of the U.S today will need to be good to reverse gold's current bullish run.

Technical Analysis

Gold prices took a hit on Thursday, loosing almost 1% and falling below the $1300 level. However, the situation this morning reversed when the price found support by the $1293.78 level and now we are focusing again on the upside as the price surged back up above the $1303.07 support level. With the current bullish momentum, we will be focusing on the $1314.16 resistance level.

Support: 1293.78 / 1291.35
Resistance: 1303.07 / 1307.09

Chart (H4)